Tag Archives: child tax deductons
In any divorce proceeding, the issue of which party will have the right to claim the child or children for tax purposes must be determined either by agreement or by a judge. As any parent knows, receiving a child tax exemption can often be an opportunity to save a substantial amount of money come tax time. The Internal Revenue Code 152(e) clearly states that the custodial parent is entitled to the dependency exemption for their child. However, with many modern child visitation schedules providing increased parenting time for the non-residential parent, it is not always clear who should have the right to the tax benefits associated with the child.